Tradition-Icap expands volatility fixing service

Tradition-ICAP will add six new currency pairs to its daily Volatility Fixing service.

The Tradition-ICAP Vol-Fix, which derives a fixing rate from trades and market rates recorded between 3.50pm and 4pm on the Volbroker platform, will add GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD to its service.

Terry Benson, global head of business development, Tradition-ICAP, said: “The addition of these six currency pairs to Vol-Fix is a continuing process in the evolution of the product. It is the direct result of positive reaction from the market following the launch of Vol-Fix.” 

Damian Zihlmann, portfolio manager, Quaesta Capitals, said: “Tradition-ICAP’s effort to establish a solid FX volatility fixing in major currency pairs can be seen as a milestone for the popularity and standardisation of more advanced volatility products. This is a huge step forward that will ultimately allow market participants to effectively apply pure volatility trading strategies without the potential pitfalls of delta and gamma hedging.”

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